With £5,900 a month to spend, Linklaters NQs can now afford 12 ninja hero cards this year.
Linklaters has increased the salary for its newly-qualified lawyers to £107,500, making them the highest paid NQs in the Magic Circle.
The salary rise will be effective from 1 November, with a discretionary bonus on top. The firm had only recently announced in July that it was raising pay for its NQs from £92,500 to £100,000, which came into effect at the start of this month.
It remains to be seen whether other Magic Circle firms now follow suit. Slaughter and May, Clifford Chance and Freshfields pay their NQs a base salary of £100,000. While Allen & Overy also pays its NQs £100k - but only when a bonus is included.
As the City pay war continues, tiers have emerged. Also offering a six figure salary, Hogan Lovells pays its NQs a base salary of £100k (plus a bonus). Firms including Macfarlanes and Ashurst pay a base salary of £90,000, with the potential to reach in excess of £100k when a discretionary bonus is included.
Below that, firms such as Trowers & Hamlins pay their London NQs £72,500, while their regional NQs pocket considerably less with pay of £47k in Manchester, Exeter and Birmingham.
In a different stratosphere, the £140k+ club is a US-only affair, whose members include Debevoise & Plimpton, Latham & Watkins, Milbank, Akin Gump, Simpson Thacher, and Kirkland & Ellis. Not everyone has joined, and it remains to be seen how quickly any of them will catch up to Vinson & Elkins, which boosted NQ salaries from £147,500 to £153,000 in June.
RollOnFriday also understands that US firm Goodwin has raised the salaries of its trainees in London, this month. New starters will get £52k, up from £46k, while second year trainees will get £57k, up from £50k.
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